CoreSite Realty Corp. (NYSE:COR) has received a consensus recommendation of “Hold” from the eleven brokerages that are covering the company. Six research analysts have rated the stock with a hold recommendation and five have assigned a buy recommendation to the company. The average 1 year target price among brokers that have issued a report on the stock in the last year is $78.64.
A number of equities analysts have recently issued reports on COR shares. Jefferies Group restated a “buy” rating on shares of CoreSite Realty Corp. in a research note on Tuesday, September 6th. Raymond James Financial Inc. assumed coverage on shares of CoreSite Realty Corp. in a research report on Friday. They set a “market perform” rating for the company. Zacks Investment Research cut shares of CoreSite Realty Corp. from a “buy” rating to a “hold” rating in a research report on Thursday, August 25th. Citigroup Inc. increased their target price on shares of CoreSite Realty Corp. from $75.00 to $88.00 and gave the stock a “neutral” rating in a research report on Thursday, July 7th. Finally, Stifel Nicolaus upgraded shares of CoreSite Realty Corp. from a “sell” rating to a “hold” rating and set a $75.00 target price for the company in a research report on Monday, October 3rd.
Shares of CoreSite Realty Corp. (NYSE:COR) opened at 72.12 on Thursday. The company’s 50-day moving average is $77.29 and its 200 day moving average is $78.34. CoreSite Realty Corp. has a 1-year low of $53.97 and a 1-year high of $91.91. The firm has a market capitalization of $2.31 billion, a price-to-earnings ratio of 53.98 and a beta of 0.81.
CoreSite Realty Corp. (NYSE:COR) last announced its quarterly earnings data on Thursday, July 28th. The real estate investment trust reported $0.89 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.86 by $0.03. CoreSite Realty Corp. had a net margin of 12.52% and a return on equity of 9.02%. The company earned $96.10 million during the quarter, compared to analysts’ expectations of $96.09 million. During the same quarter in the prior year, the company posted $0.68 EPS. The business’s revenue was up 17.9% on a year-over-year basis. On average, analysts expect that CoreSite Realty Corp. will post $3.61 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, October 17th. Shareholders of record on Friday, September 30th will be given a $0.53 dividend. This represents a $2.12 annualized dividend and a yield of 2.94%. The ex-dividend date is Wednesday, September 28th. CoreSite Realty Corp.’s payout ratio is presently 160.61%.
In other news, insider Thomas M. Ray sold 21,179 shares of the firm’s stock in a transaction dated Tuesday, August 16th. The shares were sold at an average price of $81.57, for a total value of $1,727,571.03. Following the transaction, the insider now owns 391,186 shares of the company’s stock, valued at approximately $31,909,042.02. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Jeffrey S. Finnin sold 8,000 shares of the firm’s stock in a transaction dated Monday, August 1st. The shares were sold at an average price of $82.61, for a total transaction of $660,880.00. Following the completion of the transaction, the chief financial officer now directly owns 117,644 shares in the company, valued at approximately $9,718,570.84. The disclosure for this sale can be found here. 3.10% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of COR. Vanguard Group Inc. raised its position in shares of CoreSite Realty Corp. by 4.2% in the second quarter. Vanguard Group Inc. now owns 5,163,842 shares of the real estate investment trust’s stock valued at $457,981,000 after buying an additional 210,238 shares during the period. BlackRock Fund Advisors raised its position in shares of CoreSite Realty Corp. by 15.6% in the second quarter. BlackRock Fund Advisors now owns 1,998,311 shares of the real estate investment trust’s stock valued at $177,230,000 after buying an additional 269,151 shares during the period. BlackRock Institutional Trust Company N.A. raised its position in shares of CoreSite Realty Corp. by 4.8% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 915,763 shares of the real estate investment trust’s stock valued at $81,219,000 after buying an additional 41,662 shares during the period. Lord Abbett & CO. LLC raised its position in shares of CoreSite Realty Corp. by 9.4% in the second quarter. Lord Abbett & CO. LLC now owns 844,683 shares of the real estate investment trust’s stock valued at $74,915,000 after buying an additional 72,380 shares during the period. Finally, Capital Growth Management LP acquired a new position in shares of CoreSite Realty Corp. during the first quarter valued at about $51,457,000. 95.19% of the stock is currently owned by institutional investors.
About CoreSite Realty Corp.
CoreSite Realty Corporation (CoreSite) is an integrated, self-administered and self-managed real estate investment trust (REIT). Through its controlling interest in CoreSite, L.P. (Operating Partnership), the Company is engaged in the business of ownership, acquisition, construction and operation of data centers across a range of markets in the United States, including the Northern Virginia (including Washington DC), New York and San Francisco Bay areas, Chicago, Los Angeles, Boston, Miami and Denver.
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